EUO vs. LEMB
EUO (ProShares UltraShort Euro) and LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while LEMB is a Emerging Markets Bonds fund tracking the J.P. Morgan GBI-EM Global 15 cap 4.5 floor. Both are passively managed. Over the past 10 years, EUO returned 2.40%/yr vs 1.06%/yr for LEMB. Their -0.49 correlation means they have often moved in opposite directions in the past. EUO charges 0.99%/yr vs 0.30%/yr for LEMB.
Performance
EUO vs. LEMB - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 6.49% return, which is significantly higher than LEMB's 2.43% return. Over the past 10 years, EUO has outperformed LEMB with an annualized return of 2.40%, while LEMB has yielded a comparatively lower 1.06% annualized return.
EUO
- 1D
- 0.07%
- 1M
- -1.50%
- 6M
- 7.79%
- YTD
- 6.49%
- 1Y
- 5.55%
- 3Y*
- 1.51%
- 5Y*
- 4.88%
- 10Y*
- 2.40%
- ALL TIME*
- 1.13%
LEMB
- 1D
- -0.09%
- 1M
- 0.05%
- 6M
- 0.57%
- YTD
- 2.43%
- 1Y
- 8.50%
- 3Y*
- 5.72%
- 5Y*
- 1.30%
- 10Y*
- 1.06%
- ALL TIME*
- 0.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $802.97K | $615.74K | $603.29K | |
| $8.20M | $7.38M | $6.50M |
EUO vs. LEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 6.49% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2.43% | 18.02% | -1.72% | 7.23% | -10.74% | -9.92% | 3.10% | 6.40% | -7.49% | 12.49% |
Correlation
The correlation between EUO and LEMB is -0.63, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.63 |
Correlation (3Y) Balances recent behavior with more history. | -0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.68 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | -0.49 |
The correlation between EUO and LEMB shifts across timeframes, from -0.68 (5 years) to -0.49 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EUO vs. LEMB — Risk / Return Rank
EUO
LEMB
EUO vs. LEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and iShares J.P. Morgan EM Local Currency Bond ETF (LEMB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EUO | LEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.27 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.33 | 1.58 | -1.25 |
| Martin ratioReturn relative to average drawdown | 0.91 | 5.07 | -4.16 |
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Drawdowns
EUO vs. LEMB - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, which is greater than LEMB's maximum drawdown of -30.82%. Use the drawdown chart below to compare losses from any high point for EUO and LEMB.
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Drawdown Indicators
| EUO | LEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -30.82% | -7.76% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -6.00% | -2.05% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -8.08% | -16.38% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -23.89% | -1.39% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -29.09% | -0.52% |
Current DrawdownCurrent decline from peak | -16.91% | -3.70% | -13.21% |
Average DrawdownAverage peak-to-trough decline | -18.48% | -12.64% | -5.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 1.87% | +1.54% |
Volatility
EUO vs. LEMB - Volatility Comparison
ProShares UltraShort Euro (EUO) has a higher volatility of 2.65% compared to iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) at 1.51%. This indicates that EUO's price experiences larger fluctuations and is considered to be riskier than LEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUO | LEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 1.51% | +1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 8.41% | 5.66% | +2.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.05% | 6.63% | +5.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 8.24% | +7.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.76% | 9.16% | +5.60% |
EUO vs. LEMB - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than LEMB's 0.30% expense ratio.
Dividends
EUO vs. LEMB - Dividend Comparison
EUO has not paid dividends to shareholders, while LEMB's dividend yield for the trailing twelve months is around 2.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2.38% | 2.44% | 0.00% | 1.34% | 0.86% | 3.89% | 0.00% | 4.39% | 3.46% | 0.00% | 0.00% | 0.64% |
Frequently Asked Questions
EUO and LEMB have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUO has higher volatility (2.65%) compared to LEMB (1.51%). In terms of maximum drawdown, EUO dropped -38.58% vs LEMB's -30.82%.
On 10-year performance, EUO leads with 2.40% vs 1.06% for LEMB. On fees, LEMB is cheaper at 0.30% per year. On volatility, LEMB has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUO has performed better with a 2.40% return vs 1.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LEMB is cheaper with a 0.30% expense ratio, compared with 0.99% for EUO.
LEMB has the higher dividend yield at 2.38%, compared with 0.00% for EUO.
EUO is categorized as Leveraged Currency, while LEMB is Emerging Markets Bonds. EUO tracks USD/EUR Exchange Rate (-200%), while LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.99% for EUO and 0.30% for LEMB.
LEMB currently has the higher Sharpe Ratio (1.43 vs 0.22), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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